Spotify to cut 1,500 employees in third layoff this year

A headset is seen in front of a screen projection of Spotify logo, in this picture illustration. REUTERS/Dado Ruvic/Illustration

STOCKHOLM: Music streaming giant Spotify said on Monday that it will lay off around 1,500 employees, or 17% of its headcount, to bring down costs, after letting 600 of its staff go in January, and 200 more in June.

After a round of job cuts at the start of the year by tech companies, some have begun reducing their workforce again, with announcements coming from Amazon to Microsoft-owned LinkedIn.